The depreciating assets worksheet from the Guide to depreciating assets 2005 (Worksheet 1) has been reproduced below. The letters G, H, I, J and K on the worksheet correspond to the same labels on the Capital allowances schedule 2005. Transfer the amounts from the worksheet labels to the corresponding labels on the schedule.
At J on both the worksheet and the schedule do not include any amounts from a low-value pool.
In some cases you may need two copies of the worksheet – for example, if you have both primary production and non-primary production assets. If you are using more than one worksheet, add up the amounts at each label on each worksheet and transfer the total to the corresponding label on the schedule.
Do not include information about the decline in value of the following depreciating assets:
- Assets that are deductible under the specific primary production provisions of the UCA such as water facilities, horticultural plants and grapevines. (Some of the concepts used to work out the decline in value of these assets are different from those used in the worksheet.)
- Assets allocated to a low-value pool. (These assets are covered by a different worksheet and are dealt with at item 2.)
For more information on any of the terms referred to in this part, see the Guide to depreciating assets 2004–05.
At G, write the total assessable income you have from balancing adjustment events occurring for your depreciating assets (this type of assessable income may arise if, for example, you disposed of a depreciating asset for more than its adjustable value). The total assessable income from balancing adjustment events is the amount at G on the depreciating assets worksheet. If you do not have any assessable balancing adjustment amounts this income year, leave this label blank.
At H, write the total deductible amount you have from balancing adjustment events occurring for your depreciating assets (this type of deduction may arise if, for example, you disposed of a depreciating asset for less than its adjustable value). The total deduction is the amount at H on the depreciating assets worksheet. If you do not have any deductible balancing adjustment amounts this income year, leave this label blank.
At I, write the total amount of your deductions for decline in value calculated using the prime cost method. This amount is found at I on your depreciating assets worksheet. If you have not calculated any of your deductions for decline in value using the prime cost method, leave this label blank.
At J, write the total amount of your deductions for decline in value calculated using the diminishing value method. This amount is found at J on your depreciating assets worksheet. Do not include amounts from a low-value pool, as these are covered by a different worksheet and are included at item 2. If you have not calculated any of your deductions for decline in value using the diminishing value method, leave this label blank.
At K, write the total of the adjustable values of your depreciating assets as at the end of this income year. This amount is found at K on your depreciating assets worksheet.
Note: You need to include any amounts at G, H, I, J and K on your Capital allowances schedule 2005 and ensure any amounts at G and H are included on your tax return.
The depreciating assets worksheet is provided to help you complete the schedule. Do not include it with your tax return.